News 12 january — 13:12

Oil prices rise on OPEC production cuts

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Oil prices rose on Thursday, supported by signs OPEC is starting to cut output and expectations of strong demand growth in China, but rising U.S. crude inventories reinforced concerns over plentiful global supplies, Reuters reports.

Benchmark Brent crude oil LCOc1 was up 50 cents at $55.60 a barrel by 0845 GMT (3.45 a.m. ET). U.S. crude CLc1 was up 35 cents a barrel at $52.60.

The Organization of the Petroleum Exporting Countries agreed in November to cut oil production to try to reduce a global supply glut that has depressed prices for more than two years. Several OPEC members appear to be implementing the deal.

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